Bloomberg News

Oil Falls as U.S. Jobless Claims Rise, GDP Growth Revised Down

May 31, 2012

Oil fell in New York after reports showed that initial jobless claims increased last week in the U.S. and that growth in the world’s biggest economy was less than previoulsy estimated in the first quarter.

Crude for July delivery on the New York Mercantile Exchange fell as much as 67 cents, or 0.8 percent, to $87.15 a barrel and was at $87.32 at 1:46 p.m. London time.

To contact the editor responsible for this story: John Buckley at johnbuckley@bloomberg.net


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